Gold Market Outlook 29 November 2024

Gold Market Outlook 29 November 2024

Gold bars on a red background with a bar graph, representing the AI trading market and the gold trading news.

Article by: ETO Markets

Gold (XAU/USD) spikes to a four-day high around $…-… as geopolitical tensions, trade war fears, and expectations of Federal Reserve rate cuts boost demand for safe-haven assets. The US Dollar struggles near a two-week low due to these factors, although the US PCE data shows stalled inflation, suggesting the Fed may slow its rate cuts, which could support the USD and cap gold's gains. Meanwhile, Russian President Putin threatens to use hypersonic missiles against Ukraine, and US President-elect Trump’s tariff plans on Canada, Mexico, and China raise concerns of trade wars. The Fed is divided on further rate cuts, and the 10-year US Treasury yield hits a two-week low amid hopes of controlling US deficits. With no major economic data expected on Friday and early closures for the Thanksgiving holiday, market uncertainty persists. 

From a technical perspective, an intraday breakout above the $…-… zone, which combines the 55-day Simple Moving Average (SMA) and the 38.2% Fibonacci retracement, acted as a key bullish trigger. However, the price stalls near the $…-… region, where the 50% Fibonacci level serves as a pivotal point. If buying momentum continues, gold could rise to the $… area (61.8% Fibonacci level) and approach the $… mark. On the downside, the $… resistance now acts as key support. A drop below this level could bring gold back to the $… area (23.6% Fibonacci level) and further to the $… region. Additional selling below $… could lead to deeper losses towards the 100-day SMA around $2,573, possibly reaching the monthly low near $…-…. 



Want completely chart technical analysis
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Want completely chart technical analysis
and trade recommendations on XAUUSD?

Want completely chart technical analysis
and trade recommendations on XAUUSD?

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ETO Markets Limited is registered in Seychelles with Company Number 850672-1 and authorised by the Financial Services Authority (FSA), Licence Number SD062; ETO Markets LLC is registered in Saint Vincent and the Grenadines with Company Number 3286LLC2023.


The information provided on this website is general in nature only and does not constitute personal financial advice. Please note that investing in CFDs and Margin FX Contracts carries significant risks and is not suitable for all investors. You don’t own, or have, any interest in the underlying assets. Any information or general financial product advice given is generic in nature and does not take into account your financial situation, needs or personal objectives. Past performance is not a reliable indicator of future performance. Investing in leveraged products carries significant risks. We recommend that you seek independent advice and ensure that you fully understand the risks involved before trading. It is important that you read and consider our disclosure documents
(Privacy Policy & Risk Disclosure) before you acquire any product.

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Disclaimer

ETO Markets Limited is registered in Seychelles with Company Number 850672-1 and authorised by the Financial Services Authority (FSA), Licence Number SD062; ETO Markets LLC is registered in Saint Vincent and the Grenadines with Company Number 3286LLC2023.


The information provided on this website is general in nature only and does not constitute personal financial advice. Please note that investing in CFDs and Margin FX Contracts carries significant risks and is not suitable for all investors. You don’t own, or have, any interest in the underlying assets. Any information or general financial product advice given is generic in nature and does not take into account your financial situation, needs or personal objectives. Past performance is not a reliable indicator of future performance. Investing in leveraged products carries significant risks. We recommend that you seek independent advice and ensure that you fully understand the risks involved before trading. It is important that you read and consider our disclosure documents
(Privacy Policy & Risk Disclosure) before you acquire any product.

2024 ETO Markets | All rights reserved

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Disclaimer

ETO Markets Limited is registered in Seychelles with Company Number 850672-1 and authorised by the Financial Services Authority (FSA), Licence Number SD062; ETO Markets LLC is registered in Saint Vincent and the Grenadines with Company Number 3286LLC2023.


The information provided on this website is general in nature only and does not constitute personal financial advice. Please note that investing in CFDs and Margin FX Contracts carries significant risks and is not suitable for all investors. You don’t own, or have, any interest in the underlying assets. Any information or general financial product advice given is generic in nature and does not take into account your financial situation, needs or personal objectives. Past performance is not a reliable indicator of future performance. Investing in leveraged products carries significant risks. We recommend that you seek independent advice and ensure that you fully understand the risks involved before trading. It is important that you read and consider our disclosure documents
(Privacy Policy & Risk Disclosure) before you acquire any product.

2024 ETO Markets | All rights reserved

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